Babai, MZ, Syntetos, A, Dallery, Y and Nikolopoulos, K 2009, 'Dynamic re-order point inventory control with lead-time uncertainty : analysis and empirical investigation' , International Journal of Production Research, 47 (9) , pp. 2461-2483.
Full text not available from this repository.Abstract
A new forecast-based dynamic inventory control approach is discussed in this paper. In this approach, forecasts and forecast uncertainties are assumed to be exogenous data known in advance at each period over a fixed horizon. The control parameters are derived by using a sequential procedure. The merits of this approach as compared to the classical one are presented. We focus on a single-stage and single-item inventory system with non-stationary demand and lead-time uncertainty. A dynamic re-order point control policy is analysed based on the new approach and its parameters are determined for a given target cycle service level (CSL). The performance of this policy is assessed by means of empirical experimentation on a large demand data set from the pharmaceutical industry. The empirical results demonstrate the benefits arising from using such a policy and allow insights to be gained into other pertinent managerial issues.
| Item Type: | Article |
|---|---|
| Themes: | Subjects outside of the University Themes |
| Schools: | Schools > Salford Business School > Salford Business School Research Centre |
| Journal or Publication Title: | International Journal of Production Research |
| Publisher: | Taylor & Francis |
| Refereed: | Yes |
| ISSN: | 0020-7543 |
| Funders: | Engineering and Physical Sciences Research Council (EPSRC) |
| Depositing User: | Professor Aris Syntetos |
| Date Deposited: | 13 Oct 2011 10:46 |
| Last Modified: | 27 Aug 2021 22:47 |
| URI: | https://usir.salford.ac.uk/id/eprint/18296 |
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